Todd Gunderson buys a new computer system for $2,000, plus 8% sales tax. He financed the entire amount with the retailer at 6% interest for 24 months. The retailer charges a set-up fee of $60 for installment purchases (which is added to the loan). What is Todd’s APR? Round your answer to the nearest hundredth percent
Todd Gunderson buys a new computer system for $2,000, plus 8% sales tax. He financed the entire amount with the retailer at 6% interest for 24 months. The retailer charges a set-up fee of $60 for installment purchases (which is added to the loan). What is Todd’s APR? Round your answer to the nearest hundredth percent
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Todd Gunderson buys a new computer system for $2,000, plus 8% sales tax. He financed the entire amount with the retailer at 6% interest for 24 months. The retailer charges a set-up fee of $60 for installment purchases (which is added to the loan). What is Todd’s APR? Round your answer to the nearest hundredth percent
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